The heavy rain falls in the April in Argentina caused crop losses of four to six million tonnes in the soya beans; even if taking into account the higher than expected revenues in non-affected regions. A local agricultural market analyst informed that yesterday.
Since early April, have increased the prices of soybean meal futures on the CBoT to 51% and currently record at the highest level since November 2014. The harvest estimates currently range between 52 and 56.5 million tons. In any case, less soy beans are harvested in Argentina came in the previous year as 60.8 million tons together.
Because of better yields in the non-affected States of Buenos Aires and La Pampa, will remain the next estimate of the Government on Thursday to 56 million tons. In the States, Entre Rios, Cordoba and Santa Fe are harvested eight million tonnes of soybeans of less. There are 70% of the area harvested so far only, 90% are common to this date.
The futures contract on soybean meal on the CBoT today rises to the highest level of the 25 August 2015, primarily driven by short coverings and a lower offer on the world market.
The largest shipper of soybean meal, which is used as a protein-rich livestock feed and the third largest exporter of soy beans is worldwide worldwide Argentina.
As yet, not everything is harvested, developing price depends on how in the coming weeks is the weather in the still wet crisis regions.
The Rosario cereals Exchange lowered its harvest estimate by 2015/16 to 55 million tons from previously 59 million tonnes this month. 1.2 million hectares are depreciated according to their estimates, and can not be harvested. Most recently, the USDA predicted a harvest volume of 56.5 million metric tons of soybeans for Argentina.
